2020 CRUZ, INCORPORATED Comparative Balance Sheets At December 31 2021 Assets Cash $ 75,900 Accounts receivable, net 32,600 Inventory 68,300 Prepaid expenses 4,200 Total current assets 181,000 Furniture 84,600 Accumulated depreciation-Furniture (13, 100) Total assets $ 252,500 Liabilities and Equity Accounts payable $ 11,900 Wages payable 7,100 Income taxes payable 1,200 Total current liabilities 20, 200 Notes payable (long-term) 24,800 Total liabilities 45,000 Equity Common stock, $5 par value 177,300 Retained earnings 30, 200 Total liabilities and equity $ 252,500 $ 18,900 40, 100 75,300 3,500 137,800 99,200 (7,500) $ 229,500 $ 16,900 4,000 2,200 23,100 58,400 81,500 141,500 6,500 $ 229,500 CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income $ 392,900 252,900 140,000 71,600 30, 200 38,200 13,900 $ 24,300 Furniture costing $63,800 is sold at its book value in 2021. Acquisitions of furniture total $49,200 cash, on which no depreciation is necessary because it is acquired at year-end. Complete the general ledger accounts to calculate cash received from the sale of furniture. Furniture Beg. bal. End. bal. Accumulated Depreciation Beg. bal. End. bal. Cost Accumulated depreciation Book value (Cash received) $ 0